2827 34th Avenue Ct E #58

Waller, WA 98443

$99,999B-

2 bd · 2.0 ba · 1,336 sqft · Built 1975 · Manufactured · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,430/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$537
• HOA: −$0
• Vac / Maint / Mgmt: −$510
• Net cashflow: $859/mo
• Annual: $10,307/yr
• Cap rate: 21.72%
• Cash-on-cash: 55.09%
• DSCR: 3.45
• 1% rule: 2.43%
• Cash to close: $28,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $859 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 45 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#254 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: health & safety C-, commute D+, amenities F.
• Puyallup School District (suburban): math 53% / reading 66% proficiency, ranked #52 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Waller Road Elementary (310 students, 60% FRL); Aylen Jr High (711 students, 44% FRL); Puyallup High School (1,701 students, 38% FRL) — zoned schools average 47% FRL vs 27% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 28 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $80k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 21.7% vs local median 2.2% in Waller — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.